READER’S CORNER: Time for global seafood commodity market As we approach a new lobster season in Shelburne County, I wonder if political parties are prepared to take bold action to deal with issues that continue to plague the industry. Economic analysis of present lobster marketing practices highlights systemic and structural deficiencies that place lobster fishermen and consumers at a disadvantage. If they were still around, economic theoreticians as diverse as Adam Smith, Karl Marx and John Maynard Keynes would identify the flaws in the laissez-faire free market system in place at present for the production and marketing of lobster. I think they would all recognize that the present system is susceptible to price manipulation by corporate brokers and middlemen to the detriment of fishermen and consumers, as well as the industry itself. Over the years, other food industries have interceded to provide a more level playing field by encouraging price competition. Out of those efforts have come commodity exchanges that provide an opportunity to develop futures markets and competitively stabilize prices for producers and consumers. Most of our global food prices, with the exception of seafood, are driven by commodity exchange markets today. A few years ago, the province of Nova Scotia was eager to develop its financial sector. Maybe it is time to launch a global seafood commodity market in Nova Scotia, in support of all seafood production in the province, as well as our lobster industry. I believe Halifax may have the physical, economic and human resources necessary to establish such a seafood exchange. The question is, which political party is prepared to take real action to strengthen and stabilize an important rural industry in Nova Scotia.? Let’s hear promises about that during this campaign. Chronicle Herald
Posted on: Mon, 23 Sep 2013 17:44:22 +0000
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